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Föreningssparbanken and SEB Create European Financial Group

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Föreningssparbanken and SEB Create European Financial Group FöreningsSparbanken and SEB create European financial group The Board of Directors of FöreningsSparbanken and SEB have decided that the companies will merge. The name of the new bank will be SEB Swedbank. The companies complement each other well. FöreningsSparbanken has an extensive local presence in the Nordic countries and many private customers. SEB has an international direction and focuses on large companies and financially active customers. The merger gives good opportunities for continued growth and the creation of a European financial group. The new group will have 35,000 employees, whereof 19,000 in Sweden, SEK 1, 300 billion in assets under management, and a joint market value of about SEK 150 billion. The merger will take place through a legal merger between FöreningsSparbanken and SEB as equal parties. The merger requires approval from the concerned authorities. “The merger strengthens FöreningsSparbanken’s local power within its corporate operations, thanks to SEB’s broad competence and international network. At the same time, FöreningsSparbanken’s urban presence will be improved to the benefit of our customers, and thanks to SEB’s branch office structure”, says FöreningsSparbanken’s Chairman Göran Collert. “By utilising the new group’s joint experience, competence and financial strength, we will have improved opportunities for growth in Europe”, says SEB’s Chairman of the Board Jacob Wallenberg. The customer offering in the Nordic countries is improved. The banks’ complementary distribution channels enable a further development of a competitive and locally established bank with comprehensive products and service for private individuals, companies, municipalities and organisations. “We complement each other well, and the addition of SEB’s office network will increase the local availability to banking services. This will be advantageous to our customers”, says FöreningsSparbanken’s Managing Director and CEO Birgitta Johansson-Hedberg. The customers, private individuals as well as corporations and institutions will receive better service, availability and a more competitive and broader range of products and services, also from other suppliers. This means better conditions for a long-term local presence on the retail side, ensured international competence and lower charges. The merger is expected to yield annual cost savings of SEK 2.5-3.0 billion, mainly at a central level, within the IT area, within the product companies but also as a result of overlapping branch office networks. No dismissals will occur as a consequence of the merger. However, the number of employees is expected to be reduced by 2,000 persons during a three-year period, which is expected to happen through natural retirement. In addition, the merger denotes that the new group’s international presence can be fortified. A continued European expansion will be carried out from a base in the Nordic countries, the Baltic Sea area and Germany. It will be possible to increase the growth rate in existing markets, and some of the new group’s most attractive services, such as e-banking and investment products for financially active customers, can be introduced in new countries. SEB’s Managing Director and CEO Lars H Thunell emphasises the importance of the Internet services: “Together, we will consolidate our successes within e-banking, where we both are world leading. Through the merger, resources for development will be released, so that we will be able to offer the best financial services to the customers in the future as well. This also means that we will be able to export our knowledge and start more operations on new markets.” The Board of Directors will have two Co-chairmen, with Göran Collert as legal Chairman until the annual general meeting in 2003, when Jacob Wallenberg will be suggested as Chairman. Lars H Thunell will be Managing Director and CEO, and Birgitta Johansson-Hedberg will be deputy CEO. Press Conference regarding the merger will be held on Thursday 22 February 2001, 10:00, at Armémuseum, Riddargatan 13, Stockholm in Druvan’s conference centre. Analyst conference will be held on Thursday 22 February 2001, 15:00, at Armémuseum, Riddargatan 13, Stockholm in Druvan’s conference centre. The conference can be listened to on +44 (0)20 8781 0562 (extra number +44 (0)20 8781 0563). 2 The conference can be listened to later during one week on +44 (0)20 8288 4459 code 69 69 32. Welcome! Contact persons FöreningsSparbanken Contact persons SEB Staffan Salén, Executive VP and Head Gunilla Wikman, of Information and Investor Relations Head of Group Communications + 46 (0)8 585 927 79 + 46 (0)8-763 81 25 + 46 (0)70-531 01 11 + 46 (0)70-763 81 25 Jesper Berggren, Press Officer Boo Ehlin, Corporate Press Manager + 46 (0)8-585 924 78 + 46 (0)70-549 37 67 + 46 (0)8-763 85 77 + 46 (0)70-763 85 77 Lotta Treschow, Head of Investor Relations + 46 (0)8-763 95 59, + 46 (0)70-763 95 59 3 FöreningsSparbanken and SEB to merge · The merger between two complementary banks creates Sweden’s leading financial group with an improved range of services and products. The enlarged group will be strongly positioned for continued growth and forming a European financial services group · The new group will have a total market value of approximately SEK 150 billion, approximately 11 million customers in Europe, approximately 2 million Internet customers, assets amounting to more than SEK 2,000 billion, about SEK 1,300 billion under management and 35,000 employees, of which 19,000 in Sweden · Annual cost savings are expected to amount to SEK 2.5-3.0 billion, principally at the central units, within IT and the product companies, but also as a consequence of an overlapping network of branch offices · The merger will be conducted through a legal merger. At the exchange of shares in the merger, the value of 4 shares in FöreningsSparbanken will be equivalent to the value of 5 shares in SEB. This means that present shareholders of FöreningsSparbanken will hold approximately 48.5 per cent of the new group and SEB’s present shareholders will hold approximately 51.5 per cent · The intention is that Göran Collert and Jacob Wallenberg will be co-chairmen with Göran Collert as legal Chairman. Lars H Thunell will be Managing Director and CEO of the new group, and Birgitta Johansson-Hedberg will be Deputy Managing Director and Deputy CEO. · The completion of the merger is conditional upon, among other things, the approval at extraordinary general meetings of both banks and necessary approvals from the Swedish Government and relevant authorities including, amongst others, the EU. Benefits of the merger The merger between FöreningsSparbanken and SEB delivers strong benefits for: · The customers, private individuals as well as corporations and institutions, who will receive better service, better access and a more competitive and broader range of products and services. This means better conditions for a 4 long-term local presence on the retail side, ensured international competence and lower charges, · The shareholders, who will profit from the efficiency gains created and from the new group’s improved strategic position and growth opportunities, and the improved liquidity and the expected increased interest in the share, · The employees, who will have a new employer who can offer more stimulating assignments and personal development, both in Sweden and abroad. The new group’s future growth opportunities also denote the creation of a more attractive workplace, which is positive for the employees as well as for the new bank’s future profitability and competitiveness, · The Swedish community, which through the merger will be guaranteed a solid and nation-wide financial infrastructure that will be of advantage to the community’s development on a long term basis. The merger also promotes the continuance and further development of a strong, competitive, and locally based bank alternative with a complete range of products and services for private individuals as well as corporations. The new group will be the base for the formation of a European financial group. Background The financial sector in Europe is undergoing extensive changes as a result of globalisation, continued deregulation and new technology. This has lead to changed customer behaviour and increased competition. In addition the introduction of the common European market and the Euro has increased the need for further structural changes. This development has led to existing banks, insurance companies and other financial services providers developing their services and products, and adjusting their way of marketing and providing these services, as competition from other financial services providers increased. Private customers require more products and services, more qualified, and at the same time personal advice, multiple channels for deposits, advice and payment services. At the same time, there is a strong demand for personal service at local branch offices. In addition to this, the corporate customers’ requirements for international and specialist expertise are continuously increasing. In order to meet these demands, banks and other financial services players on the financial market have to increase their efficiency and competence through staff development and the use of new technology. 5 In order to be able to maintain and further develop competitive customer offerings, it requires investments in information technology and competence development. Only those banks that are international and efficient enough are able to sufficiently meet these requirements, allowing them to offer a complete range of financial services in Sweden in the future, for individuals as well as for companies. Rationale Against this background, FöreningsSparbanken and SEB recognised the need for growth in the home markets in the Nordic countries and the Baltic States, as well as in the rest of Europe, and the need for development of modern products and services that are based on the use of new technology and expert personal advice.
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